# Income Tercile Heterogeneity: Demographics and Automation

| Variable | capital_intensity: Full | capital_intensity: Low | capital_intensity: Mid | capital_intensity: High | labor_productivity: Full | labor_productivity: Low | labor_productivity: Mid | labor_productivity: High | capital_per_worker: Full | capital_per_worker: Low | capital_per_worker: Mid | capital_per_worker: High |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| Z_1 | 32.3043*** | 65.4178* | 36.6059 | 16.1925 | 8074.7470 | 5067.2845*** | -2190.1720 | -16558.9804 | 0.0957** | 0.1116*** | -0.1503*** | -0.0286 |
| | (12.2434) | (36.5224) | (25.9935) | (12.1284) | (5918.7870) | (1427.3488) | (5138.3216) | (13079.3810) | (0.0451) | (0.0343) | (0.0503) | (0.1124) |
| Z_2 | -3.7210** | -8.7064 | -5.2794 | -1.2489 | 337.9484 | -154.8864 | 1617.5725** | 3095.4587* | -0.0058 | -0.0143** | 0.0335*** | -0.0016 |
| | (1.8303) | (5.8341) | (3.8788) | (1.7438) | (883.1289) | (226.3148) | (759.8897) | (1842.3853) | (0.0069) | (0.0056) | (0.0076) | (0.0162) |
| Z_3 | 0.1193 | 0.3263 | 0.2088 | 0.0192 | -21.8212 | -8.5638 | -89.3907*** | -112.5535 | 0.0002 | 0.0006** | -0.0016*** | 0.0004 |
| | (0.0743) | (0.2486) | (0.1587) | (0.0692) | (36.3689) | (9.6115) | (30.9060) | (74.2933) | (0.0003) | (0.0002) | (0.0003) | (0.0007) |
| fiscal_bal_gdp | -0.0532*** | 0.0816* | -0.1568*** | -0.0377* | 60.8302*** | 2.0347** | 33.1264*** | 152.7445*** | -0.0001*** | 0.0000 | -0.0000 | -0.0005*** |
| | (0.0173) | (0.0436) | (0.0318) | (0.0219) | (5.2360) | (0.8963) | (4.7093) | (14.3293) | (0.0000) | (0.0000) | (0.0000) | (0.0001) |
| nfa_gdp_lag | 0.1801 | 0.2334 | 0.4805* | -0.1873 | 121.3848** | 11.0811 | 90.2079** | 75.1660 | -0.0007* | -0.0000 | -0.0003 | -0.0017 |
| | (0.1578) | (0.3779) | (0.2600) | (0.1862) | (54.4101) | (10.0680) | (43.7511) | (146.6641) | (0.0004) | (0.0002) | (0.0004) | (0.0011) |
| rgdp_growth | 0.0778*** | 0.1284*** | 0.1156*** | 0.0366*** | 59.3720*** | 12.3915*** | 32.1593*** | 129.2262*** | -0.0001** | 0.0000 | -0.0001*** | -0.0001** |
| | (0.0097) | (0.0262) | (0.0185) | (0.0137) | (2.7908) | (0.6386) | (2.2936) | (8.2818) | (0.0000) | (0.0000) | (0.0000) | (0.0001) |
| kaopen | -0.1114 | 0.0639 | 0.0446 | -0.2330 | 228.6801*** | 7.2007 | 147.3038*** | 367.9597** | 0.0018*** | 0.0005* | 0.0003 | 0.0034*** |
| | (0.1630) | (0.3933) | (0.2740) | (0.2124) | (63.3162) | (12.1614) | (46.4191) | (184.1344) | (0.0004) | (0.0003) | (0.0004) | (0.0013) |
|:---|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|---:|
| N | 4671 | 1317 | 1368 | 1666 | 5074 | 1592 | 1724 | 1758 | 4509 | 1271 | 1411 | 1460 |
| R² | 0.0872 | 0.0768 | 0.0250 | 0.0901 | 0.4481 | 0.2482 | 0.0636 | -0.1952 | 0.4066 | 0.0232 | 0.0596 | -0.0757 |
| Countries | 159 | 65 | 84 | 72 | 171 | 75 | 94 | 76 | 163 | 67 | 86 | 71 |

*Panel GLS with country and year fixed effects. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*